Noah Dobson
1144 Fort St V8V 4W3 Victoria, BC, Canada

A surge in real estate sales and a run of new builds and renovations during the pandemic has led to a huge backlog in permit applications within the Islands Trust area. That’s meant significant delays in processing all sorts of development applications from building decks, fences and boat houses to home additions and new houses, said Island Trust council chairman Peter Luckham.

It would take 25 years to save for a down payment of a low-rise Toronto home, says a new report from National Bank. At a savings rate of 10% on a $183,594 salary, it would take 297 months to achieve the down payment needed for the region’s $1,069,111 house.

Some industry observers believe that only sizable regulatory interventions by governments can put brakes on what they say is a runaway housing market train. But moderating housing sales and average prices during April in numerous markets across Canada suggest that some stability has been restored without any such intervention at all. The modest declines in sales and price growth, relative to March, in both large and small housing markets, need an explanation. Could it be that homebuyers suddenly became wise or risk-averse and showed restraint?

A spring housing outlook from Canada Mortgage and Housing Corporation suggests Greater Victoria’s housing market is in for more of the same, with the hot market unlikely to see cooling until 2023. CMHC market analyst Pershing Sun said the region should expect to see continued strong demand for the next two years, which will drive up prices and spur homebuilders to start new projects.

This article was created by MoneyWise. Postmedia and MoneyWise may earn an affiliate commission through links on this page. Whether you can land a mortgage with a low-interest rate or even get any home loan at all often comes down to three little digits: your credit score. Does your credit score need some help? And could it keep you from buying a home? Let’s find out.

A statement from the ministry says details collected from speculation and vacancy tax returns submitted in 2019 reveal the levy encouraged owners to ‘repurpose’ formerly vacant properties into long-term rentals The Ministry of Finance says data from British Columbia’s tax targeting property speculators shows it has helped increase the number of long-term rentals in the province.

Vancouverites can be forgiven if 2020 seemed a little familiar. The Vancouver real estate market closed the year looking very much like it did three to five years ago, as the latest statistics from the Real Estate Board of Greater Vancouver (REBGV) showed December home sales in the metro region shot up 53.4% year-over-year to 3,093, and grew marginally by 0.9% from 3,064 a month earlier. Robust December sales outpaced long-term averages in what’s traditionally the quietest month of the year in real estate, Colette Gerber, REBGV’s chair, said in a Jan. 5 statement. #vancouver #vancouverbc #vancouverrealestate #realtors #realtors

Victoria’s housing market is stable now, but the region could soon be dealing with price acceleration and overheating, according to a study released Wednesday by Canada Mortgage and Housing Corporation. The third quarter housing-market assessment labelled Victoria as moderately vulnerable, the same label it got in the second quarter of the year, as there was little evidence of price acceleration, overheating or overbuilding, although there was some evidence of overvaluation.

Factors that Influence Demand In real estate, demand is how many people want to buy homes. A variety of factors influence this. Interest Rates Interest rates play a key role in housing demand. If all things are equal, then the lower the interest rates, the higher the demand for real estate . Low interest rates mean that the cost of borrowing is lower and homebuyers can afford to borrow more by way of a mortgage and, consequently, can spend more on a home. #yyjrealestate

Forgoing liability insurance on rental properties is akin to playing Russian roulette, claims a savvy investor with about 57 doors, and for good reason. It’s playing Russian roulette if you don’t have insurance on the property. If you have 20 units and two people living in each one, that’s up to 40 people who can sue you.

Glad that's finally over. 2020 is a year that will be talked about for decadesand not just because the Stanley Cup was awarded at the end of September. The coronavirus changed the way we live and work, and for many that meant not working at all. 2020 wasn’t just the year the world was besieged by a health crisis; it was the year that the economy was torpedoed and of unprecedented job loss; it was the year in which small businesseswhose owners sacrificed years pouring blood, sweat and tears into their dreamsunceremoniously shuttered their doors for good.

The term foreign buyer is often used pejoratively in Canadait’s become synonymous with speculators who have nary a vested interest in the country apart from using empty homes as appreciation vehicles, to the detriment of the domestic populationand it couldn’t be more misguided. Turns out, many of these new Canadians bolster the national economy in ways few people can, and it is not without personal risks, either.

TORONTO -- After a tumultuous 2020, those with their eyes on the Canadian and global economies can expect improvements in 2021, according to one expert. "I actually think the economy is going to do very well in 2021," Ian Lee, an associate professor at Carleton University's Sprott School of Business, told CTV News Channel on Friday. "Not spectacularly, but much better than in 2020."

Strong demand for real estate in Greater Victoria over the past year means property owners on the Island are likely to see increases of as much as 10 per cent in their annual property assessments, which should start hitting Island mailboxes this week. According to B.C. Assessment, which has mailed out more than 378,000 Island assessments and more than 2.1 million provincewide, homeowners in the capital region can expect their 2021 assessment to reflect a real estate market left relatively untouched by the pandemic.

TORONTO With mortgage rates at historic lows and price growth tapering in certain markets, the COVID-19 pandemic has presented both opportunities and challenges for first-time homebuyers. New buyers are seeing condo prices come within reach in downtown areas awash with vacant high rises. But young families are also being priced out of starter homes in suburbs at a faster rate.

Stunning home listed with Ingrid Jarisz Real Estate Agent in the beautiful neighbourhood of #cordovabay

Unbuilders - VANCOUVER -- An innovative Vancouver company is trying to change the way houses are torn down by salvaging every last scrap of reusable material and it turns out to be good for not only the environment, but also the bottom line.

STUNNING NEW LISTING WITH Ingrid Jarisz Real Estate Agent - $1,698,000 - 945 Deerwood Pl - Broadmead - MLS#:857688 BROADMEAD'S ORIGINAL SHOW HOME! This authentic 1975 Mid-Century Modern, West Coast Post & Beam is truly the signature of Michael Nixon's architecture that inspired the creation of this classic, progressive neighbourhood. Perched high for privacy & capturing amazing east OCEAN VIEWS and PRIVATE south sun, this executive home exudes style and classic, casual elegan...ce and a natural fit for those who share a passion for distinctive homes and renowned architecture. Completely restored with passion & commitment to quality with modern function and features, this 1,917sf, 3BD/2BA one-level home is the essence of West Coast style blurring the fusion of indoor/outdoor living and creating a private sanctuary that also affords amazing entertaining space. Ideally located close to walking/biking trails, quality schools, artisan shops, sandy beaches, award-winning golf yet only 15 minutes to Downtown or the Airport this is the perfect setting. "Make it simple, but significant. Don Draper, Mad Men See more